Congressman Paul Introduces Bill for Fuel Efficient Cars

[specsaregood]

It is your money that is why they call it a return.
A return of your money.

I would hope that would be obvious.

I'm for it. Give us tax credits for EVERYTHING until I don't have to pay one cent to the government.

And for the record, you don't have to be a al gore devotee to think that fuel-efficient cars are good for our country, overall..

 

[Danke]

It is your money that is why they call it a return.
A return of your money. Some people think that's a bad thing.

Do you know the history of the term?

 

[silverhawks]

It is your money that is why they call it a return.
A return of your money. Some people think that's a bad thing.

I don't think that's the bad part, Torchbearer. I think the bad part is that it encourages people to spend or borrow at least ten times the amount of the return in order to get the return, at a time of recession caused by reckless spending and borrowing.

And in particular, I'm disturbed that this is being encouraged by someone who continues to forecast imminent economic collapse; the same person who stresses the importance of saving money rather than spending it or borrowing recklessly.

 

[Omphfullas Zamboni]

Not until you get spending under control. The inflation tax would just increase, and that is a bigger burden on the lower classes.

Hi,

Congressman Paul votes against spending.

Cheers,
Omphfullas Zamboni

 

[specsaregood]

I don't think that's the bad part, Torchbearer. I think the bad part is that it encourages people to spend or borrow at least ten times the amount of the return in order to get the return, at a time of recession caused by reckless spending and borrowing.

And in particular, I'm disturbed that this is being encouraged by someone who continues to forecast imminent economic collapse; the same person who stresses the importance of saving money rather than spending it or borrowing recklessly.

1. In the case of imminent economic collapse, screw the debt. You can't squeeze blood from turnips.

2. Nothing in the bill forces a person to take out a bank loan to buy the car. I know more than a few people that don't -- they either save up for it or get loans from family/friends. I'm in this group.

3. Using a more fuel-efficient car saves you money over time, especially so if oil prices increase (likely) and taxes on gas increase (highly likely).

4. This encourages spending in a "good way". If somebody is in the market to buy a new car or needs a new car they are going to buy it. A $2000 taxbreak is not gonna create much/if any artificial demand.

5. It is a taxbreak not a subsidy, not a handout, not free money. It is their own money they are getting back. The more taxbreaks the merrier.

 

[torchbearer]

Do you know the history of the term?

the term return?
As in something you have given that is returned to you?

 

[krazy kaju]

don't blame the educated for your ignorance in sending in a portion of your private receipts.

Aren't you forced to have your income withholded?

 

[jclay2]

This does seem contradictory to Dr. Paul's core principles of free markets, so I am unneasy about the legislation and its market impact. However as many of you point out, he is just trying to make the best out of a bad situation.

 

[CUnknown]

I love Ron Paul.

This bill is just another reason why.

You people who are against this bill -- are you against tax breaks or just fuel efficiency? What's not to like, honestly?

 

[Danke]

Hi,

Congressman Paul votes against spending.

Cheers,
Omphfullas Zamboni

Yes I know that, but it does not negate the reality of the inflation tax. Therefore, no "eliminating the burden on taxpayers." In fact it increases the burden upon the lower classes. Need to fix spending first to prevent that.

If Representative Paul had his way, everything would come with a tax break, eliminating the burden on taxpayers.

 

[Danke]

Aren't you forced to have your income withholded?

There are ways to prevent that. But it is hard to get FICA not withheld, so best to think of it as an interest free loan that you get back the following year. However, I do not know anyone who has been able to get the "employer" portion back.

 

[specsaregood]

Yes I know that, but it does not negate the reality of the inflation tax. .

But in reality "inflation" is something that you can hedge against and combat with the proper investments. Combating taxes is much more difficult. In fact, would not a more fuel-efficient vehicle be one way of combatting inflation and a rise in oil prices due to inflation?

 

[Danke]

But in reality "inflation" is something that you can hedge against and combat with the proper investments. Combating taxes is much more difficult. In fact, would not a more fuel-efficient vehicle be one way of combatting inflation and a rise in oil prices due to inflation?

In some ways, but it is hard for those of us earning a salary to get anywhere close to a real inflation adjusted wage increase.

My parents live on SS for the most part, it has been going down in purchasing power because of inflation.

 

[specsaregood]

In some ways, but it is hard for those of us earning a salary to get anywhere close to a real inflation adjusted wage increase.

My parents live on SS for the most part, it has been going down in purchasing power because of inflation.

Fair enough, personally I'd still rather fight the inflation monster than the tax monster.

Maybe RP has a hunch that oil prices are going to go up due to inflation and thinks giving a tax-credit is a good way of helping people already interested in getting into more fuel-efficient vehicles, actually get them -- just throwing that out there, schiff certainly thinks so. Not that all the other reasons people have posted in this thread isn't good enough.

I'm sure RP will have a chance to further explain his reasoning soon enough.

 

[Kraig]

I agree with Brandon I am very surprised almost everyone seems to support this here, I am also surprised and disapointed Ron Paul would push this. This is not "getting your tax money back" this is redistributing the tax money to people who want to/are able to buy a new car. The arguments you other guys are using to support this can just as easily be applied to unemployment or welfare.

 

[torchbearer]

I agree with Brandon I am very surprised almost everyone seems to support this here, I am also surprised and disapointed Ron Paul would push this. This is not "getting your tax money back" this is redistributing the tax money to people who want to/are able to buy a new car. The arguments you other guys are using to support this can just as easily be applied to unemployment or welfare.

sounds like money going into people's hands and not the governments hands.
credits for everything for everyone until the government gets nothing.

 

[Kraig]

sounds like money going into people's hands and not the governments hands.
credits for everything for everyone until the government gets nothing.

Welfare is also money going to the people's hands. Realistically all tax money eventually ends up in "the people's hands", it's just a matter of which people.

 

[specsaregood]

Welfare is also money going to the people's hands. Realistically all tax money eventually ends up in "the people's hands", it's just a matter of which people.

Welfare is other people's money going into people's hands, aka: theft. A tax-credit is my own money coming back to me. If I don't have any tax-money to get back, I don't get anything. Completely different. He isn't proposing paying people to buy one of these vehicles.

 

[torchbearer]

Welfare is other people's money going into people's hands, aka: theft. A tax-credit is my own money coming back to me. If I don't have any tax-money to get back, I don't get anything. Completely different. He isn't proposing paying people to buy one of these vehicles.

yes. important to note- this is a tax credit.
welfare is not a tax credit.

 

[Kraig]

yes. important to note- this is a tax credit.
welfare is not a tax credit.

So how does a tax credit work? It's part of your tax return at the end of the year? People who didn't pay more than 2k in taxes wouldn't be eligible for this?